How does on go about renting, purchasing a Co-Op?

Lucky S: How does on go about renting, purchasing a Co-Op?
What is the difference in renting an apartment and renting a Co-Op? I know you usually buy shares in a Co-Op but how is the deal different than just one month’s rent and security deposit for a regular apartment?

Answers and Views:

Answer by tianaramal
Renting a co-op or apartment is the same thing. You don’t own it. If you buy a co-op then you are purchasing shares of the corporation who own the building. Co-ops usually require a certain % downpayment and will want to verify your financials. There is a huge difference between buying a co-op and renting an apartment (you get tax write and can sell it tax free after two years up to 500k in capital gains), with renting you are just throughing away your $ $ $ .